New legislation has enhanced the powers of the Australian financial industry’s two biggest regulators: the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC).
Set out below are the latest articles that relate to superannuation news.
An anti-detriment payment is an additional lump sum amount paid to the eligible dependant of a super fund member who dies (in addition to a lump sum death benefit that is paid to the dependant on the super fund member’s death).
Today Josh Frydenberg announced incentives for older Australians to contribute more to super, but these are a little disingenuous of the Liberals.
The Federal Budget may have been relatively unexciting from a superannuation point of view but there are some interesting insights to be gained from examining the Economic Outlook.
On 2 April 2019, Josh Frydenberg announced his first Federal Budget as Treasurer. There were only a handful of policies that directly relate to superannuation, but also tax cuts and a one-off energy payment for older Australians.
The final report from the Royal Commission is likely to result in major change for the superannuation industry – both for super fund members and for trustees and executives managing the large super funds.
A key recommendation in the new Productivity Commission report, the idea of employees being given a ‘best in show’ list for the top 10 performing super funds has been met with a hostile response from the super industry.
Australia’s current super system is “harming millions of members” through underperforming funds, multiple accounts and excessive fees.